Here we have a valid bullish bat pattern on FX:GBPAUD , which is accompanied by a bullish harmonic move that will be completing just before the bat pattern completion point. On the daily time frame, this pair has put in only a lower low BUT not a lower low lower close. So the structure has been violated on the daily which is an early indication of possible weakness (even if it is for short-term) in the bullish trend . Thus we need to see another lower low to confirm the beginning of a downtrend (even for short-term). So for this setup we are expecting the minor trend on the 4 hour to hold and continue higher. The R:R for this setup is 2:1 for the 1st target. We are also getting fibs confluence right at the bat pattern completion point. See the chart above for more details.

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